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Where would you buy out of these?

Discussion in 'Where to Buy' started by Otie, 2nd May, 2016.

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Where would you invest for a long time hold?

  1. the ex commission in the ex commission part of Fawkner for 400k

    42.9%
  2. a house in sunshine north that has a track track (not station) running past the end of the court.

    0 vote(s)
    0.0%
  3. a house in Ardeer for 450k

    28.6%
  4. Sunshine west 375k in ex commission area

    57.1%
Multiple votes are allowed.
  1. Otie

    Otie Well-Known Member

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    I'm a complete noobie here- and would really appreciate advise from you guys that are experienced investors- for my first IP, if you were me would you buy
    A) the ex commission in the ex commission part of Fawkner for 400k
    B) a house in sunshine north that has a train track (not station) running past the end of the court two doors down for 400k
    C) a house in Ardeer for 450k
    All are comparable homes, on approx 600m blocks. Houses are all in pretty rough condition which I'm not bothered by. Only the Fawkner one won't pretty up very much as its that old fibro facade the others are brick and weatherboard
     
  2. melbournian

    melbournian Well-Known Member

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    i would go fawkner.
     
  3. R377

    R377 Well-Known Member

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    I would be reading these forums for a couple of months. most investors are buying adelaide or brisbane as melb is reaching its peak
     
  4. LMD

    LMD Well-Known Member

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    Some parts of melbourne are reaching their peaks, but the suburbs above are still growing and will continue to grow at these price points.
     
  5. Otie

    Otie Well-Known Member

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    I have been reading through these as much as I can over the past few months, and am ready to take the plunge, have the finance ready to go. I know that a lot are investing in Adelaide/Bris, however for my first I want to stay in Melb simply because I'm familiar with it, can easily inspect properties and can spectate at auctions etc to get a good feel.
    I'm obviously not an experienced investor but personally I think if you can still buy close the the city for under half a mil, then there is a long way to go before it peaks.
     
  6. melbournian

    melbournian Well-Known Member

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    agree

    In dec 15, 550-600 sqm in heidelberg heights was selling for 550-570K.

    last week one sold 692K, weeks before 2 went for 700Kish. Other larger sites around 700-800sqm are selling 900K last week, that is close to rivalling doncaster east at 1 mil. ish. Reservoir brand new townhouse sold 672K last week as well.

    I thought it reached its peak in dec but it's going higher. suburbs like balwyn, glen waverley are cooling off but 500-600K mark is where it is growing. the same happenned in maidstone last year.
     
    pianissimo and LMD like this.
  7. melbournian

    melbournian Well-Known Member

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    i would go fawkner i mean distance wise to CBD and price range i think is the cheapest around that radius in melbourne. i've been monitoring the west, east, north. you won't be able to find anything around that price range unless you go further out.
     
  8. Otie

    Otie Well-Known Member

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    I'm actually really warming up to it- it's my mum that's on my case trying to put me off Fawkner- she only sees the stigma of the street and expects me to get low quality tenants. To be honest my no matter where I buy in these suburbs my tenants will be low s/e regardless due to the small budget I have.
    I'm tossing up between a crappy house in sunshine north which has a train roar past it or the commission house in the commission st in Fawkner.
     
  9. Otie

    Otie Well-Known Member

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    And just to paint the picture incase you may think I'm looking at a pretty house in a good looking street- I'm looking at an ugly house in an ugly street lol!
    But to be honest image wise I could see the street improving over the next 15 years.
    There is a primary school within walking distance
     
  10. Otie

    Otie Well-Known Member

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    Ok well I rang the agent for the Fawkner property- it's been sold.
    I was at the auction on Saturday, and it passed in at 380k. It sold Saturday afternoon after the auction for 450k
    Now I will be keeping a close eye on Fawkner bargains!
     
  11. melbournian

    melbournian Well-Known Member

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    at the rate things are going it will be 500kish soon. There is no suburb i know of with that distance wise to CBD selling for these prices. Heidelberg Heights and West used to be not any more.
     
    Otie likes this.
  12. Otie

    Otie Well-Known Member

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  13. LMD

    LMD Well-Known Member

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  14. Otie

    Otie Well-Known Member

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    Thank you, I appreciate your input. We thought the same thing